OMG Coin Price Prediction 2020 & Beyond
Looking for OMG coin price predictions of 2020 and beyond? Keep reading!
Before we get into our OMG coin price predictions of 2020 and beyond, we think it’s best you know what OMG coin is. We’ll go over some background behind the OMG cryptocurrency project, and it’s future. If you can already answer the question “What is OMG crypto?” — skip the first part of this article.
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What is OMG Coin Crypto (OmiseGo)?
If you came to this guide, you’re probably thinking about investing into OMG coin. Well, you’re in the right place because we’re going to tell you everything there is to need to know about investing in OMG coin.
In this guide, we’ll tell you what OMG is, how much it’s worth and what could affect its value. I’ll look at what’s coming up for OMG in 2020 and in the years to come.
Before you start thinking about the price of OMG coin, you need a good understanding of what OMG is. So, let’s begin.
What is an OMG coin?
Created by an established payments processing company called Omise, OmiseGo seeks to use the OMG cryptocurrency to streamline how electronic wallets issue and exchange assets.
The idea is that digital payments today mostly occur within single payment platforms like Venmo or Alipay, meaning money can’t move easily from one platform to the other.
The vision, then, is that payment networks like Omise could leverage OmiseGo to trade assets on behalf users, sourcing liquidity for trades and facilitating transfers on a blockchain that serves as a real-time market for assets in all participating networks.
But the OmiseGo blockchain isn’t designed to operate solely on its own. Rather, it’s built on top of Ethereum (ETH), assets on its network can be backed by Ethereum’s cryptocurrency, ether.
Using Ethereum and OmiseGo, Omise posits that e-wallet users could freely move and convert these assets, whether they are loyalty points, government currencies or new crypto assets.
Understanding how OmiseGo works can be complex, and it’s important to remember OmiseGo is still working to develop the technologies first outlined in its 2017 white paper.
As of 2020, OmiseGo has released a public testnet with audited contracts designed to interact with Ethereum’s public testing platform. So, the project remains in its early stages.
More details and developments from the OmiseGo team can be found on the official OmiseGo blog. Here, you can find updates, including regular announcements and project updates.
How Does OMG Coin Work?
The vision of Omise is to integrate many electronic wallets using the OmiseGo blockchain.
Over time, as more e-wallet providers are added to the network, and more of the crypto assets they issue can be exchanged on a blockchain, OmiseGo believes it could help provide banking services to those who have been excluded from the financial system.
The OmiseGo blockchain
OmiseGo is a proof-of-stake blockchain meant to clear and settle the movement of assets between various e-wallets, without those e-wallets necessarily having to trust each other.
The OmiseGo blockchain also includes a built-in trading engine where e-wallet providers can publish orders and be matched with other parties seeking to trade various assets.
These orders can be programmed to complete within a given block on the Omise blockchain or can be left open-ended based on available asset pricing.
Not all payments have to take place within the OmiseGo decentralized exchange, as OmiseGo is interoperable with the Ethereum blockchain and the Lightning Network, a payments technology built on top of Bitcoin (BTC).
How OmiseGo uses Ethereum
OmiseGo has a number of technical features designed to make it compatible with the Ethereum blockchain. For example, all nodes validating transactions on the OmiseGo blockchain need to be set up as nodes on the Ethereum blockchain.
E-wallet providers can also create new assets backed by ether, or they can create contracts that lock ether on Ethereum, pending certain conditions on the OmiseGo blockchain. If contracts execute, these funds can then be again unlocked and returned to their original owners.
The idea is that trading between e-wallets can take place at a high volume on the OmiseGo blockchain, with the final transactions being ultimately settled on Ethereum.
OMG Coin Price Prediction
Now that you all got the answer to “What is OMG crypto?” — let’s get into our own OMG price predictions 2020 and beyond, as well as some technical analysis. We’ll also go over what some crypto analysts think about the question “Is OMG crypto a good investment in 2020 and beyond?”.
Is OMG Coin a Good Investment?
What is OmiseGo going to be worth in the coming months and years? If it’s going to be worth more than it is now, then it’s a good investment!
Let’s see what some of the experts think;
- CoinLiker predicts that, within one year, the price of OMG coin will be around 29 USD. Five years from now the site thinks one OMG coin will be worth nearly 92 USD.
- TradingBeasts thinks that each OMG coin will be worth around 4 USD by December 2020. They also predict that each OMG coin will be worth about 51 USD by June 2021.
UPDATE 2020: OMG coin is now worth $5.24 USD, so this prediction was quite close. - WalletInvestor estimates that OmiseGo’s price will double by next year and each coin will be worth around 60 USD by 2023.
These valuations show three things:
- There is a lot of confidence in the technology OMG coin is using and the team that’s developing it. It’s making important connections with real-world businesses and is developing some cool new tech as well.
- Cryptocurrency prices are expected to go up across the market in the next six months.
- Crypto experts never predict that the price of cryptocurrencies will go down! (Sssh! That’s a secret!)
I don’t know whether the price of OMG coin will go up or down. All I know is that it’s an exciting project that a lot of people want to be a part of. It’s up to you to decide if it’s a project you want to be a part of.
OmiseGo Price Analysis — Historically
The OmiseGO blockchain launched on July 6th, 2017. The ICO for the OMG token ran on June 23d, 2017, with a price of 0.24 USD/OMG. As with all cryptocurrencies, there have been some considerable fluctuations in OMG’s price. The graph below shows the full history of OMG:
OMG’s price at launch was 0.39 USD, and it reached its all-time high on January 13th, 2018, when it was worth 25.62 USD.
The all-time-low was just over five months ago on March 13th, 2020; this was a pretty bad day for cryptocurrencies in general and is known as “the day the crypto market broke.” That day one OMG was worth 0.35 USD
OMG Current Price, Market Cap & Supply Details
OmiseGO’s price is currently 1.60 USD, with a market cap of over 223 million USD and a 24-hour trading volume of almost 51 million USD.
One noteworthy aspect of OMG is that 100% of its 140,245,398 tokens are already circulating. This means that there are no more tokens left to be mined.
If the OmiseGO project takes off, any tokens you own will increase in value dramatically.
OmiseGO (OMG) Price Prediction 2020
According to price prediction algorithms, OMG’s price should be around 2.8 USD by the end of 2020 or the beginning of 2021. This would mean a 75% increase in value. This is what crypto experts have to say about OMG price predictions of 2020.
OMG Coin Price Prediction 2020 — ThinkingCrypto
ThinkingCrypto predicted that OMG coin would be worth 150–200 USD in 2020. This valuation seems very high and shows what a big impact the bear market has had on crypto prices in general over the last few months.
OMG Price Prediction 2020 — Bitassist
Bitassist predicted that the OMG cryptocurrency market cap could be around 10 billion USD by the end of 2020. This would put the price of each OMG coin at around 100 USD each. This is another high valuation but shows the level of confidence and excitement there is about this platform.
OmiseGO OMG Coin — A Conclusion
OmiseGO is an exciting project. Millions of people all over the globe, especially in Asia, Africa, or Latin America, are unbanked. If you don’t have a bank account, you don’t have access to credit/debit cards, and you can’t make electronic transfers.
OmiseGO wants to provide payment services to these people without them having to open bank accounts. But they also want to provide superior services to those who do have accounts to “unbank the banked” as they say.
In a world where decentralized finance is becoming more popular, this is indeed an attractive proposal. The long-term predictions for OMG look good.
At the moment, OMG is a cheap crypto token to get a hold of. If you have a few extra dollars lying around, OMG is undoubtedly worth looking into.
And if you happen to have a small business, you might want to consider accepting payments in OMG. Remember that all of the coin’s supply is already circulating, meaning that, if the project catches on, any tokens you own will end up being worth quite a lot.